Mumbai: Shares of Reliance Industries gained over one percent in afternoon as investors closely tracked Chairman and Managing Director Mukesh Ambani's address at the company's Annual General Meeting.

The heavyweight stock was trading 1.46 percent higher at Rs 724.50 on the BSE at 1205 hrs. In early trade, the stock had gained 2.49 percent to touch a high of Rs 731.90.

At the NSE, the stock rose by 1.01 percent at Rs 723.10.

Another group company, Reliance Industrial Infrastructure Ltd was trading 2.18 percent up at Rs 409.85 on the BSE.

Reliance Industries on Thursday announced investment of Rs 100,000 crore in the country in core business of petrochem and oil and gas as well as new sectors of retail and telecom, to double operating profits in 4-5 years.

Addressing company shareholders, RIL Chairman and Managing Director Mukesh Ambani said new projects in petrochemicals and refinery business would come online in the next 2 to 3 years.

RIL has been under pressure in recent past and had hit a low of Rs 671 last month on May 6. However, it has recouped some lost ground in past few days.

RIL has also lost its long-held status as the country's most valued company to Tata group firm TCS. At the end of Wednesday's trade, RIL's market value stood at Rs 233,835.64 crore, as against TCS' Rs 245,288.72 crore.